Franklin Electric to close German manufacturing facility

Franklin Electric (FELE) announces plans to close its Wittlich, Germany manufacturing facility, and will transfer the existing Wittlich activity to its Brno, Czech Republic facility by the middle of 2016.

FELE estimates related pre-tax charges of $13.2M-$14M, to begin in Q3 2014 and expected to conclude by the end of 2016; ~10% of the charges will be non-cash.